Ammon News - Gold prices traded flat in Asian trading on Tuesday, after jumping to a new record high above $4,100 per ounce earlier in the day as renewed tensions between the U.S. and China spurred a rush into safe-haven assets, while Silver also rallied to fresh peaks.

Spot gold traded 0.4% higher at $4,125.35 per ounce by 03:41 ET (07:41 GMT). U.S. gold futures inched up by 0.1% to $4,138.40/oz.

The latest flare-up came after U.S. President Donald Trump threatened to impose 100% tariffs on Chinese imports in response to Beijing’s curbs on exports of critical minerals used in electronics and defense.

Trump later tempered his stance, posting on social media that “Don’t worry about China” and that the U.S. was not seeking any harm to China.

Treasury Secretary Scott Bessent told Fox Business Network that a meeting between Trump and Chinese President Xi Jinping was still planned later this month in South Korea, signaling some hope for dialogue.

China’s Ministry of Commerce on Tuesday confirmed that working-level discussions with the U.S. are ongoing this week, while vowing to “fight till the end” against U.S. measures.

The mixed signals underscored the uncertainty fueling the gold rally. The U.S. dollar weakened slightly, further supporting bullion.